Here's what to know about a tax credit vs. deduction, including how each works and how they can reduce your tax bill and ...

When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...

It might be challenging to think of the Internal Revenue Service as offering taxpayers choices. After all, income taxes aren’t optional. However, the IRS empowers you with one clear choice every time ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax deductions and tax credits. But it’s not as simple as it sounds. Before you can ...

The IRS Large Business and International Division released an updated 53-page practice unit in June on the Section 179D energy-efficient commercial buildings deduction. The purpose of this practice ...

It's tax season, and Americans are confronted by a lot of tax jargon when preparing their returns. Stream NBC 5 for free, 24/7, wherever you are. Two types of tax breaks stand out among all the lingo: ...